Last Updated on November 26, 2020
Studying abroad is undoubtedly a great way to develop additional social, academic and language skills, while adding unparalleled depth to your university experience. Study overseas can improve your university years as well as ultimately give you a competitive edge when it comes to your job search as recruiters are looking for those who have actively used various ways to expand their experience.
While it is true that some people would prefer to explore the US, UK, and Canada and other countries. Studying in Denmark offers a variety of unforgettable experiences.
Denmark a member of the Nordic countries (Finland, Iceland and Norway are other members of Nordic countries) is a study destination for international students who want to stay in Europe without having to live in the U.K. In recent times people who have found it difficult to study in other European countries due to the high cost of tuition go to Denmark due to cheaper tuition. In fact, the standard of living is low with rent and daily expenses being affordable for most international students.
Many international students travel Denmark for their graduate studies so that they can receive a better education than they might have at home. But as college costs continue to skyrocket, most students find it nearly impossible to pay for their education without financial aid. Sometimes, even though you may have calculated a rough budget for your expenses during your studies at school, other expenses may take the form of:
- Travel expenses
- Insurance
- Cost of books/laboratory fee
- Library/Examination fee
- Buying a new laptop
- Student field trips etc.
These unforeseen expenses can put a strain on your financial budget and if you do not have any other source of income in the form of bursaries, scholarships or part-time jobs, you may need to apply for a loan.
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What Is A Student Loan?
A student loan is money borrowed from the government or a private lender such as a bank or financial institution, or from other organizations to pay for college education.
Student loans were created to aid students who are willing to study but do not have sufficient funds due to the high tuition fees in the country.
The money can generally be used for tuition, accommodation, books, or other costs. Student loans are different from scholarships and grants which don’t have to be paid back.
How to Get Student Loans to Study in Denmark?
Student loans with low-interest rates are available for international students, more information can be gotten from the international student’s office. There are also many scholarships one can apply to aid their financial conditions while studying although some grants have specific requirements.
The Ministry of Science, Innovation and Higher Education in Denmark also provides student loans to students living in Denmark. Getting these loans as an international student might be harder when compared to EU citizens, there is no harm trying out and if unsuccessful there are lots of private institutions willing to lend international students loans for their studies.
How to Choose the Best Student Loans in Denmark?
Choosing the right student loan can make a big difference when it comes to paying off your college debt. If you’re not sure what type of loan to choose, try one that offers a low interest rate, multiple repayment options, and borrower protection.
What You Would Need to Apply For Student Loans in Denmark?
There are banks who would love to help out with your financial needs, Depending on which bank which you have decided to seek information from, there are a few requirements that you may be required to provide before you can access such loans they include;
- Passport
- Student I.D
- Statement of accounts
- Admission letter
Is there a Minimum Amount?
The minimum or maximum amount that you may be entitled to depend solely on the bank which you have approached for a loan with interest rates and repayment plans also varying on the financial institution.
How Long Does it Take to Repay Student Loans?
Repaying student loans is quite dependent on the interest rates of the bank which you apply to. Some banks usually start collecting payments upon graduation and securing a job whilst some start collecting payments with no interests within the duration of your program. It usually takes about 10-25 years to repay student loans depending on how fast you get a job and the interest rate.
Benefits of Getting a Student Loan?
We took a look at some of the most common reasons so many people now consider a student loan to help them through university.
1. Great rates
Government student loans have low interest rates and you don’t pay back until you’re earning a certain amount. Similarly, with a private loan, you benefit from lower, capped repayments in study.
2. Chunky tuition fees
Course costs have increased dramatically in recent years and it’s highly likely you’ll need to take a loan – government or private – to afford you annual fees.
3. Living expenses
The costs of living for three years or more can soon mount up, especially if you’re studying in one of the big cities in Denmark. A maintenance loan from the government or private student loans can help give you a decent standard of living.
4. Peace of mind
Instead of worrying about next month’s rent, a good student loan can help give you a sensible long-term finance so you can stay relaxed, energized and focused on your studies.
5. Invest in the best
Higher education is increasingly seen as an investment in your future. Why should you deprive yourself of the life and career you really want because you don’t have the money to pay for it right now? A smart, flexible student loan can help you realize your potential and achieve your goals.
Final Take: Before considering applying for a student loan, it is advisable that you exhaust all possible options such as applying for a scholarship or bursary. In a situation where these options are not viable, then I will recommend you read thoroughly the terms and conditions of the loan you would apply for. Also, you can make use of Loan comparison tools or IEFA to get the best possible deals as regards student Loans in Denmark.